GX7/GM1 / Image App , remote shoot usable?

Hi all,
my GX1 just broke down and sent back to Panny for warranty ( hopefully they honor it, cuz from the feedback I gather, their warranty and CS aint the greatest around :/ ) , so I am out of a camera for quiet a while. This got my thinking maybe is time to upgrade and using the GX1 as a backup when it gets sent back.
I am still debating on GM1 for the size and it may serve a little bit different purpose than the GX1 when I got it back or, the GX7 which will straight up replace the GX1. But the thing that caught my attention the most is the ability to have live view on your smart phone and shoot with it on both of these camera.

I've been wanted to start doing street photos, but I am one of those people really gets nervous when pointing a camera at strangers. This remote shutter with live view and shooting from the hip will pretty much solve a lot of my problem, or at least get me start to try stuff on the street. I mean, 7/10 people stares at their smart phone on the street anyway nowadays.
So my question for the folks that have tried it, despite the lose connectivity issue, is the live view useable in terms of delays? I saw some demo on youtube, there seem to be about 1 sec delay between the camera lcd and the smart phone when camera moves, but there wasn't much thoughts put into that video beside just showing how things are working together between the apps and the camera.
Any feedback / thoughts on this?

I tried it on an iPhone 4 and it was pretty bad. With a much faster iPhone 5 it's very usable. Yes, there's a slight delay, but for a still subject that's no problem.

I thought about what you're describing, you could so easily let the camera hang from your shoulder pointing straight to the side or even behind, with a 45/1.8 mounted, and staring down at your phone. No one would suspect you, and with the silent shutter no one would hear you even in a library. Not the most traditional form of street photography, but oh well.